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Growing Number of Shareholders File Lawsuits against Medtronic over Infuse

Date Published: Wednesday, March 14th, 2012

A group of shareholders have filed a lawsuit this week against Medtronic directors and executives including current CEO Omar Ishrak, former CEOs Bill Hawkins and Arthur Collins Jr., and CFO Gary Ellis, accusing the company of forcing the company to re-buy over $2.8 billion of its own shares at artificially inflated prices.

The lawsuit said “Unbeknownst to shareholders, the company was risking adverse regulatory actions, investigations, lawsuits, and declining sales. The improper statements and omissions have devastated Medtronic’s credibility.

“Under the board’s authorization, the company bought back more than $2,847,113,040 worth of its shares at a weighted average price of $50.39. Tellingly, this weighted average price is substantially higher than Medtronic’s share price of $31.60 on November 18, 2008, when its true business health was revealed.”

The lawsuit accuses Medtronic of making “materially false and misleading statements and omissions concerning the sale, promotion, and marketing,” of Infuse, Mass Device reported.

Medtronic settled a lawsuit filed by the Department of Justice last year for $23.5 million. That lawsuit was filed over the company’s promotion of Infuse for off-label uses. Though Medtronic settled with the DOJ, it did not admit to any wrongdoing.

Growing Number of Shareholders File Lawsuits against Medtronic over Infuse

Date Published: Wednesday, March 14th, 2012

A group of shareholders have filed a lawsuit this week against Medtronic directors and executives including current CEO Omar Ishrak, former CEOs Bill Hawkins and Arthur Collins Jr., and CFO Gary Ellis, accusing the company of forcing the company to re-buy over $2.8 billion of its own shares at artificially inflated prices.

The lawsuit said “Unbeknownst to shareholders, the company was risking adverse regulatory actions, investigations, lawsuits, and declining sales. The improper statements and omissions have devastated Medtronic’s credibility.

“Under the board’s authorization, the company bought back more than $2,847,113,040 worth of its shares at a weighted average price of $50.39. Tellingly, this weighted average price is substantially higher than Medtronic’s share price of $31.60 on November 18, 2008, when its true business health was revealed.”

The lawsuit accuses Medtronic of making “materially false and misleading statements and omissions concerning the sale, promotion, and marketing,” of Infuse, Mass Device reported.

Medtronic settled a lawsuit filed by the Department of Justice last year for $23.5 million. That lawsuit was filed over the company’s promotion of Infuse for off-label uses. Though Medtronic settled with the DOJ, it did not admit to any wrongdoing.

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